The carbon dioxide utilization project development market is projected to grow to $6.35 billion by 2030 at a 14% CAGR, according to a new report from The Business Research Company. Growth is fueled by circular carbon economy strategies, increased funding for carbon negative products, and corporate decarbonization efforts. Key players include CarbonCure, LanzaTech, Climeworks, and others, with notable trends like commercial scale CO2 utilization projects and mineralization methods gaining traction. A major development in the sector was ExxonMobil's $4.9 billion acquisition of Denbury Inc. in November 2023, giving Exxon access to over 1,300 miles of CO2 pipeline and multiple storage sites. The report segments the market by project type (pilot, demonstration, commercial), technology (carbon capture, direct air capture, biological conversion, mineralization), and application (enhanced oil recovery, fuels, building materials). Emerging innovations include CO2 curing technology for concrete, as demonstrated by CarbonBuilt's Reversa blocks, which permanently mineralize CO2 while reducing cement use.
